TORONTO 鈥� Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (18,690.00, up 90.81 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Up 31 cents, or 1.16 per cent, to $27.13 on 11.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 78 cents, or 2.82 per cent, to $28.41 on 10.2 million shares.聽
Trican Well Service Ltd. (TSX:TCW). Energy. Up 15 cents, or 7.39 per cent, to $2.18 on 9.2 million shares.
Canadian Natural Resources (TSX:CNQ). Up $1.53, or 3.96 per cent, to $40.12 on 8.8 million shares.聽
BlackBerry Ltd. (TSX:BB). Technology. Down 15 cents, or 1.14 per cent, to $13.05 on 7.6 million shares.
i3 Energy PLC. (TSX:ITE). Energy. Up 2.5 cents, or 16.13 per cent, to 18 cents on 6.8 million shares.
Companies in the news:聽
Empire Co. Ltd. (TSX:EMP.A). Up $2.12, or 5.8 per cent, to $38.95. One of Canada's biggest supermarket chains is positioning itself as Canada's "fair but tough" grocery retailer, reinstating pay bonuses for front-line workers and refusing to unilaterally impose fee increases on suppliers. "There's a right way to do business and there's a wrong way to do business," Empire Company Ltd. president and CEO Michael Medline told analysts. His comments come as the parent company of Sobeys, FreshCo, Safeway and other grocery banners reported a surge in sales during the latest quarter as the pandemic continued to impact how Canadians shop for food. The Stellarton, N.S.-based grocer recorded a 10.7 per cent increase in same-store sales, excluding fuel, in its third quarter ending Jan. 30. That momentum continued into the current quarter, with sales up nine per cent in the first five weeks.
Linamar Corp. (TSX:LNR). Up $3.76, or 4.9 per cent, to $80.01. Linamar Corp. is setting up a community clinic this week that could deliver up to 2,000 COVID-19 vaccines per day, as the auto parts maker prioritizes vaccines in its recovery from the pandemic. The Guelph, Ont., manufacturer said on Wednesday that the Wellington-Dufferin-Guelph Public Health unit will schedule the vaccines, and that the company will administer the shots and create a playbook to help other companies start vaccine clinics. The vaccine clinic announcement was part of Linamar's quarterly financial results, which showed that net income rose to $113.1 million, or $1.73 per diluted share in the final three months of 2020 鈥� up from $49.7 million, or 76 cents per share, in the fourth quarter of 2019.
Tourmaline Oil Corp. (TSX:TOU). Up $1.43, or 6.1 per cent, to $24.73. Tourmaline Oil Corp. is reporting higher fourth-quarter earnings and production along with a 14 per cent increase in its dividend following a year in which it completed four corporate acquisitions. The Calgary-based company, the largest natural gas producer in Canada, says it had net income in the last three months of 2020 of $629 million or $2.28 per share, more than 10 times the $61.3 million or 23 cents it reported in the same period of 2019. It says the increase in net earnings reflects a gain on acquisition and divestitures of $500 million in the fourth quarter of 2020 and a five per cent increase in operating netbacks.聽
Manulife Financial 鈥� A group representing the life insurance industry says a decision by the Saskatchewan Court of Appeal will support consumer protection rules that separate banking from insurance. The Canadian Life and Health Insurance Association says the court found a 2018 regulation prevents life insurance companies from accepting deposits and amounts unrelated to insurance coverage, marking a win in the insurance industry's fight with investment firms. In the lawsuit, Mosten Investment LP had argued that Manufacturers Life Insurance Co.'s universal life insurance policy allowed for unlimited deposits and a guaranteed return. The case caught the attention of prominent short-seller Muddy Waters, which argued in 2018 that a ruling in Mosten's favour could lead to billions of dollars of losses. But Manulife says it was successful in arguing that policyholders cannot make unlimited deposits into universal life insurance contracts and that deposits must relate to amounts required to pay the life insurance premium.
This report by The Canadian Press was first published March 10, 2021.
The Canadian Press
